• YOU MUST BE AT LEAST 62 YEARS OLD
• THERE ARE NO INCOME REQUIREMENTS
• THERE ARE NO CREDIT REQUIREMENTS
• ANY TAX LIENS, MORTGAGES AND JUDGMENTS MUST BE PAID OFF WITH THE REVERSE MORTGAGE FUNDS
• YOU ARE ALLOWED A REVERSE MORTGAGE EVEN IF YOU
  ARE IN A CHAPTER 13 BANKRUPTCY! 
  (you may not be required to pay off the bankruptcy !)

Listen to a clip from my radio show where Jan calls in and talks about how a Reverse Mortgage has changed her life !

READ MY APRIL 2008 NEWSLETTER
ALL ABOUT REVERSE MORTGAGES

Reverse Mortgage Frequently
Asked Questions

Just what is a reverse mortgage?

A reverse mortgage is a loan that enables homeowners age 62 and over to tap the equity in their home without having to make a mortgage payments, move, or sell the home. It truly is a “mortgage in reverse”.

 How Do I Know If I Can Get A Reverse Mortgage?

Generally speaking, if all owners of the property are at least 62 years of age, and the home is owned free and clear, or only a small balance (about half of the value) remains on an existing mortgage, a reverse mortgage is possible.  The older you are, the more cash you are allowed.

 How Do I Get The Money?

Since you are tapping your equity in the property, it’s up to you. The only requirement is that any outstanding lien (mortgage or other debt against the home) on the property must be paid in full at the time the reverse mortgage is done. You then can take the remaining reverse mortgage funds as a lump sum, a line of credit that actually grows in value each year, or as a set monthly amount. And the best part of all is, you can take any combination of these choices- some money as a lump sum to perhaps pay off bills, some as a line of credit to meet future needs, and some as a monthly amount to supplement your current income. You can even change your mind down the road- it’s your equity, it’s your choice.

What Can I Use The Money For?

Anything you want! Remember, the only requirement is that you pay off any liens against your home. After that, the funds from a reverse mortgage can be used for virtually any purpose- supplement your current income, pay off bills, home improvement, travel, the list is virtually endless.

 What If My Children Have Questions About A Reverse Mortgage?

We encourage all interested parties to participate in the discussions regarding a reverse mortgage. Your children, after all, only want the best for you and are looking out for your needs. We even sometimes talk to friends, other relatives, spiritual advisors, anyone who is helping you make this decision. The more informed everyone is, the easier it is to see the many benefits and “safety nets” that are built into the reverse mortgage.

 Why Don’t I Just Sell My Home?

In some cases, that may be the best answer. We will answer all your questions about a reverse mortgage and then let you decide. One important point to consider is if you sell your home, where will you live? And what costs are associated with the sale? Perhaps the answer is to sell the current property and purchase one that better meets your current needs. We can help you sift through your many options and will even recommend a real estate professional for further guidance if you request.

 What Happens When I/We Pass Away?

Once you know longer live in the home as your primary residence, the loan is due. So if you move, go into a nursing home or assisted living facility on a permanent basis, or if all parties on the loan are deceased, the loan is due in full. Depending on your circumstances, you may want your children or other heirs to sell the home, or if they want to keep the property, they will need to pay off the reverse mortgage either with their own funds, or by obtaining a regular or “forward” mortgage. In any case, a reverse mortgage is a “Non Recourse” loan which means that no matter how much you owe at the time the loan is paid off, you or your heirs can never owe more than the value of the home at that time. Of course, if there are proceeds left when the home is sold, that money goes to either you or your heirs. This is a very safe product for both senior homeowners and their families.

 How Do I Know How Much Money I Can Get?

We will help you determine that. The amount you are eligible for depends on the following factors: the ages of the youngest borrower, the value of the home as determined by an appraisal, the current interest rate. Or you may use our handy calculator at

 How Do I Start The Process?

Just call our office at 309-688-5568 and ask to make an appointment. We will come to your home if you like, and discuss all the options available to you. If you prefer, you can email us at laure@amlending.net and request an appointment. We will be available throughout the process to answer any questions and will even attend settlement with you if want us to. We are here to help you and our pledge is to make your reverse mortgage a pleasant experience.

1) Initial Inquiry

We will discuss with you (either over the phone or in person) your reverse mortgage options. We will provide a summary of available funds and how you may receive them and help you decide if a reverse mortgage is the right choice for you. If you choose, you may invite other family members or friends to attend the meeting and ask any questions they may have. It is important for everyone in the transaction to make an informed decision.

2) Reverse Mortgage Counseling

This is really an “education session” to be sure that you completely understand the reverse mortgage and your options before you obtain the loan. The counseling is done by an approved agency and there is not cost and no obligation. The counseling can be done over the phone or in person. As with many items connected with a reverse mortgage, it’s your choice. A counseling certificate will be mailed to your home. You’ll need to sign and date the certificate and we will collect it at the time of application since we need to send it along with the loan application package to the underwriter.

3) Application

Either prior to or after counseling has been completed, we will come to your home or you may come to our office for the application appointment. We will thoroughly explain all forms and of course answer any question you have. Once again, you may bring a family member or anyone else who is helping you with this transaction. Please have the items listed on our “Items Needed For Application” form photocopied so we may collect them at application. This will ensure a smooth process.

4) Appraisal

We will order an appraisal on your home from one of our approved appraisers. The appraiser will contact you directly to make the appointment. Please be prepared to pay the appraiser at the time he/she comes to your home. The fee will be verified prior to the appointment. The appraiser will prepare the report and send it to our processor.

5) Title Work

At the same time the appraisal is being done, the title work is being completed by the title or escrow company. This is in preparation for the closing. The title company may call you with questions during the course of their work. Please provide any information they require as this will make for a smooth transaction. Of course, if you have questions, we are just a phone call away.

6) Underwriting

Once the appraisal, title work and any other necessary information is received, the processor will submit the loan to underwriting. The underwriter’s job is to make sure that the loan file conforms to all applicable guidelines. Once reviewed and approved, it’s time for……

7) Closing

The title representative will come to your home and conduct the closing. This is when the legal documents for the reverse mortgage are signed. The title representative will explain all forms and answer any questions you have. After the closing, there is a three day right of recession mandated by the Federal government. What this means to you is that on the 4^th business day (Saturdays do count) after closing the funds you requested will be available to you.

8) After closing

We are here to answer your questions for as long as you have your reverse mortgage. You’ll receive periodic statements about your account showing the current balance, the interest rate in effect, and the amount of funds still available. There will be a customer service number that you may call, as well as other pertinent information about your loan. 

Before I came to Laure I was lost.  Laure got me approved when no one else would. When you work with Laure your definitely working with the BEST!   She not only listened to my problems but she helped work them out for me. She professional and she always keeps you informed of what she's doing. If it had not been for my dear friend Suzi, who also went through Laure, I wouldn't of had the opportunity to receive such blessing. It was a joy meeting and working with you Laure.

Thanks for everything.

Yours Truly,
Taquiela Wright

Laure,

I wanted to take a moment and commend the team at AML for the all-star attention to my wife and my unique mortgage situation.  Our family has been plagued by a high interest second mortgage for years.  Last fall, we refinanced our two mortgages with another local broker.  The other company could only tell us that with our unique credit history that we would not be eligible for a low fixed rate mortgage.  Instead of working with us to wait a few months and exploring every option possible, we closed on an Adjustable Rate Mortgage.  Although the interest savings of doing this short-term loan covered the closing costs, I was still disappointed that my family could not get the fixed rate we deserved.  All this changed when I met Laure, and the rest of the team at AML.   

Laure reviewed my credit and went one step further.  She repaired my credit and spent countless hours with many lenders to find a low fixed rate mortgage.  She was upfront on all the issues and applied no pressure.  Paperwork was no hassle.  Brandy pleasantly communicated daily with me on all the things the lender needed.  We could even communicate a lot of details through email and fax.  Truth be known, I never really had to spend much time in their new building on the corner of Sheridan and War, I just liked to visit with them. 

A lot of businesses today spend too much time worrying about the bottom line.  Not Laure and not AML.  I told Laure that with all the individual attention she gave to my family that she didn’t make any money off the deal.  She didn’t care.  She was genuinely concerned that my family got the rate we deserved and made my loan a personal quest.

My hats off to the team at AML for a job well done!

Thank you,
 The Sells Family